Perfect Competition, Historically Contemplated

  title={Perfect Competition, Historically Contemplated},
  author={George Joseph Stigler},
  journal={Journal of Political Economy},
  pages={1 - 17}
  • G. Stigler
  • Published 1 February 1957
  • Economics
  • Journal of Political Economy
No concept in economics — or elsewhere — is ever defined fully, in the sense that its meaning under every conceivable circumstance is clear. Even a word with a wholly arbitrary meaning in economics, like ‘elasticity’, raises questions which the person who defined it (in this case, Marshall) never faced: for example, how does the concept apply to finite changes or to discontinuous or stochastic or multiple-valued functions ? And of course a word like ‘competition’, which is shared with the whole… 

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